TIAA-CREF Global Natural Resources Fund (Institutional)

TNRIX

Daily NAV

Day's Change

Portfolio Net Assets

Gross / Net Expense Ratio

Under the Fund’s expense reimbursement arrangements, the Fund’s investment adviser, Teachers Advisors, Inc., has contractually agreed to reimburse the Fund for any Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired Fund Fees and Expenses and extraordinary expenses) that exceed: 0.75% of average daily net assets for Institutional Class shares of the Fund. These expense reimbursement arrangements will continue through at least February 29, 2016, unless changed with approval of the Board of Trustees.

Overall Morningstar Rating

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

Hypothetical Growth of $10,000

The chart illustrates the performance of a hypothetical $10,000 investment made on the date indicated. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing expenses, and assume reinvestment of dividends and capital gains, net of all recurring costs.

12/31/2011 - 12/31/2014

3 Month

6 Month

1 Year

3 Years

Since Inception

Portfolio Overview

Investment Strategy

Management Team

Video

Share Class

Institutional Class

Dividend Frequency

Annually

Redemption Fee

Shares held less than 60 calendar days may be subject to a 2.00% redemption fee. Please see the prospectus for details. The fund performance shown does not reflect the deduction of this fee. Had the fee been deducted, returns would have been lower.

2.00% if shares held < 60 days

Inception Date

11/01/2011

Ticker

TNRIX

CUSIP

87245R201

The fund seeks a favorable long-term total return, mainly through capital appreciation, from investments related to the natural resources sector. It normally invests at least 80% of its assets in securities of issuers that are primarily engaged in energy, metals, agriculture and other commodities, as well as related products and services. The fund’s management team focuses on companies of any capitalization size that it believes are resource-rich, have growth potential and trade at attractive valuation levels, regardless of their geographical location. The fund may also invest in companies that it believes are well-positioned as suppliers to the natural resources sector. Under normal circumstances, the fund will invest over 40% of its assets in foreign issuers, including those in emerging markets. The fund is non-diversified.

As of 03/30/2015

As of 03/30/2015

As of 03/30/2015

Performance Returns

Average annual total return is a hypothetical rate of return that, if achieved annually, would have produced the same cumulative total return if performance had been constant over the entire period. Average annual total returns smooth out variation in performance; they are not the same as actual year-by-year results. Also, it is the average annual profit or loss realized by an investment at the end of a specified calendar period, stated as the percentage gained or lost per dollar invested.

As of 02/28/2015

The performance data quoted represents past performance, and is no guarantee of future results. Your returns and the principal value of your investment will fluctuate so that your accumulation units or shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Performance may reflect waivers or reimbursements of certain expenses. Absent these waivers or reimbursement arrangements, performance results would have been lower. Since Inception performance shown is cumulative for funds that have less than one year of performance history. For investments with exceptional performance, please note that performance fluctuates and currently may be lower than noted here.

Portfolio Composition

Portfolio Composition provides details for the investments that constitute a particular fund.

Sector Weightings

As of 12/31/2014

% ofNet Assets

Materials

55.84%

Energy

31.79%

Consumer Staples

10.97%

Industrials

0.54%

Utilities

0.50%

Short-Term Investments, Other Assets & Liabilities, Net

0.36%

Top 10 Holdings

The top 10 holdings are subject to change and may not be representative of the fund's current or future investments. The holdings listed only include the fund's long-term investments and may exclude any temporary cash investments and equity index products. The holdings listed should not be considered a recommendation to buy or sell a particular security.

The risks that the fund is subject to include market risk, company risk, industry/sector risk, special risks for investing in natural resources, non-diversification risk, active management risk, foreign investment risks and emerging markets risk. The Fund is non-diversified meaning that it may invest in fewer investments than other mutual funds and its investments are concentrated within the natural resources sector.

1The MSCI All Country World Commodity Producers Sector Capped Index (the "Index") is a free float-adjusted index that tracks the overall performance of stocks of commodity producers in 24 developed market and 21 emerging market countries around the world. You cannot invest directly in this index.

Morningstar is an independent service that rates mutual funds and variable annuities.

For each fund/account with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's/account's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. Where applicable, Morningstar's performance rankings are based on linked performance that considers the differences in expense ratios, while actual performance data shown does not reflect such differences.

The top 10 percent of funds/accounts in a category receive five stars, the next 22.5 percent receive four stars, and the next 35 percent receive three stars, the next 22.5 percent receive two stars and the bottom 10 percent receive one star. (Each share class is counted as a fraction of one fund/account within this scale and rated separately, which may cause slight variations in the distribution percentages.) Morningstar proprietary ratings on U.S.-domiciled funds/accounts reflect historical risk-adjusted performance, are subject to change every month. They are derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Please note, Morningstar now rates group variable annuities within the open-end mutual fund universe.

The information contained in these reports is the proprietary information of Morningstar, Inc., may not be copied or redistributed for any purpose and may only be used for non-commercial, personal purposes. Additionally, Morningstar, Inc. shall not be responsible for investment decisions, damages or other losses resulting from use of this information. Morningstar, Inc. has not granted consent for it to be considered or deemed an "expert" under the Securities Act of 1933.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Investment products, insurance and annuity products: are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Morningstar

A research company that rates the performance of Mutual Funds and Variable Annuities.

Morningstar Rating

OVERALL

OUT OF 144 FUNDS

3 YEAR

OUT OF 144 FUNDS

5 YEAR

OUT OF 113 FUNDS

10 YEAR

OUT OF 57 FUNDS

The Overall Morningstar Rating is based on risk-adjusted return, and is a weighted average of the applicable 3-, 5-, and 10-year Ratings.

This website is directed only to institutional investors. Past performance is not indicative of future results. The information on this website should not be regarded as a recommendation or an offer to buy or sell any product or service to which this information may relate. Certain products and services may not be available to all entities or persons.